Does expansionary monetary policy (specifically, discount/emergency lending to banks) avert bank runs and collapses? Within state comparison of bank failure in great depression Mississippi divided into two jurisdictions for Federal Reserve Branches The 6th and 8th districts adopted distinctly different policies toward their banks, at least for a couple years Then they converged on essentially the same policy of easy money What is parallel trends assumption here? Why should we believe that assumption? What is the data generating process for bank collapse (runs on banks)? What sort of evidence does the author bring to bear on that